Trulieve Cannabis Corp.

Second quarter revenue was $271 million, in line with guidance. Gross profit was $162 million, with gross margin of 60%; medical-only revenue was $222 million, up 4% sequentially, and medical-only gross margin was 63%. Adjusted EBITDA was $98 million, or 36% margin. GAAP net loss was $406 million, including a $407 million impact from the Harvest deconsolidation and equity investment; excluding non-recurring items, net income would have been $20 million, or $0.11 per share. Operating cash flow was $53 million, free cash flow was $32 million, cash at quarter-end was $325 million, and debt was $289 million. For Q3, management expects revenue to be comparable to the $222 million medical-only revenue in Q2 and gross margin to be comparable to the 63% medical-only margin. Full-year 2026 operating cash flow is expected to be at least $225 million, and CapEx is now expected to be $95 million.

Kim Rivers framed the quarter as a landmark moment because Trulieve became listed on the NYSE and, in her view, federal rescheduling and 280E relief materially improve the company’s future. She emphasized three near-term growth vectors: Georgia, Texas, and customers shifting out of the hemp market, while also saying the core business continues to deliver industry-leading margins and cash flow. Her tone was upbeat and confident, but grounded in execution details such as DEA registrations, store expansion, and product ramp timing.

Jan Reese focused on the financial bridge from reported results to forward guidance. She cited $271 million in revenue, $162 million in gross profit, $98 million of adjusted EBITDA, $53 million of operating cash flow, and $32 million of free cash flow, then explained that the Harvest deconsolidation drove the large GAAP net loss. On the balance sheet, she pointed to $325 million in cash and $289 million in debt, and said the company adopted a share repurchase program of up to the lesser of $50 million or about 8.5 million shares, though no shares were repurchased in Q2. She also said the higher CapEx guide to $95 million reflects growth-market investment, especially Georgia, with possible acceleration in Texas if approvals arrive.

Analysts focused on Georgia, Texas, hemp-market conversion, uplisting implications, CapEx, and M&A. Management said Georgia is evolving into a blended model with company-owned dispensaries, wholesale to pharmacies, and possible hybrid or JV structures with pharmacies; they also said patient growth and product supply should drive store additions over time. On Texas, management said the playbook will emphasize branded retail and vertical integration, and that they are ready to move quickly once the conditional license becomes final. They also said the uplisting has already broadened investor conversations and could support index inclusion, while M&A interest is increasing as broader rescheduling may create more separation and distress-driven opportunities.